Banking in Dubai

Dubai offers a wide choice of both foreign and local banks. Due to its sophisticated banking service many international banks have chosen to establish a branch there and so many of the more recognisable banks worldwide have a presence there. The local currency is Dirhams although all international foreign currencies accounts are available. The Central Bank of the United Arab Emirates governs and licenses all financial establishments in the UAE. Banks in Dubai normally have a minimum balance requirement and usually operate in both Arabic and English.

You may only operate an offshore bank account in Dubai if you do not have a residence visa. Due to its internationally cultivated environment Dubai banks offer a professional service geared at international business allowing transactions in a variety of currencies.

Offshore banking in Dubai prides itself on its reputation for its security, flexibility and confidentiality. Dubai is one of the largest and fastest growing economies in the world with good capitalization and a 100% government guarantee for the total value of deposits giving its banking sector a reliable and professional standing in the international community. There are no currency control restrictions and the Dubai banking environment is particularly business orientated in line with its government policies for attracting foreign investment. As Dubai is both politically and financially powerful it has remained independent and has not been tempted to enter into any information exchange treaties, this has greatly reduced its exposure to the geopolitical pressure that has attacked other offshore jurisdictions and has enabled Dubai to continue with its banking confidentiality whilst its internal due diligence procedures have ensured it remains off any ‘black lists’ meaning that it provides both a reputable banking solution without sacrificing confidentiality.